• Straits Interactive

Big Cybersecurity Threat: Employees

Updated: Mar 27, 2021

Contributed by: Henry J. Schumacher, President of the European Innovation, Technology and Science Center Foundation (EITSC)

For obvious reasons I am following the issue of Wirecard and the issue of about US$ 2.1 billion allegedly in the Philippines, after employees of two leading banks created fake documents, with great interest. Two questions are coming up immediately: 1. Why did the German company select the Philippines as fake recipient of the money, and 2. Who orchestrated the involvement of the two employees in the two selected Philippine banks? But those two issues are not what I am writing about. My concern is the security threat created by employees.

Plenty of companies aren’t taking basic steps to improve their readiness in data protection, leaving them exposed to breaches that can threaten their existence.

Those looking to steal organization’s data may be proxies for hostile foreign governments, career cybercriminals or enraged activists. But they are just as likely to be members of an organization’s own staff.

It is obvious that not all organizations are well-prepared to counter insider threat.

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